Managing director Jeremy Towner said NGE is expected to select a preferred partner from a shortlist of received offers and sign a heads of agreement early next month.

"We closed our data room last week and have completed a preliminary review of joint venture proposals which would involve significant seismic surveys and exploration drilling," he said.

"The size and scope of the proposals received will have a material impact on NGE, not only in terms of exploration work but also potential future partnership alliances.

"The parties involved are important players in the international oil, gas and liquefied natural gas industry and we have sought clarification on a few aspects of the bids before we select the winning proposal."

NGE's licences cover a total of 52,810 square kilometres in the Papuan Basin.

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